RECAST : Tax Ninja's Word of the Week

Team Ninja   May 31, 2020

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Recast

[ verb ree-kast, -kahst; noun ree-kast, -kahst ]


 

  • verb (used with object), re·cast, re·cast·ing.

to cast again or anew.

to form, fashion, or arrange again.

to remodel or reconstruct (a literary work, document, sentence, etc.).

to supply (a theater or opera work) with a new cast.

  • noun

a recasting.

a new form produced by recasting.

  • Financial Usage: Recast word is widely used in Financials in relation to Previous Year Figures.

You may have noticed the following sentence in Notes to Accounts :

"The Previous year's figures have been regrouped /reclassified /recast, wherever considered necessary."

This is done in order to ensure that Previous Figures are comparable with the current year's classification / disclosure.


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